The Exeter-based carrier, which operates a number of routes to Jersey and runs a franchise with Blue Islands, said it is also looking at cutting further costs and flight capacity as it battles challenging conditions in the airline industry.
The group is in talks with a number of ‘strategic operators’ about a potential sale.
It comes weeks after Flybe warned over profits following falling demand and a £29 million hit from rising fuel costs and the weak pound.
The alert sent shares tumbling by more than a third on the day and nearly 75% has been wiped off its stock market value since December.
Stobart Group walked away from a bid for Flybe in March after the two firms failed to agree terms.
But Stobart, which already has a franchise agreement with Flybe, could reportedly come back into the frame.
Flybe has 78 planes operating from smaller airports including London City, Southampton and Norwich, and flies to destinations across the UK and Europe.
It carries around eight million passengers a year.
In half-year results also announced on Wednesday, Flybe saw cost-cutting help lift underlying pre-tax profits to £9.9 million from £9.2 million a year earlier.